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is goldman sachs the first of many battles brewing between the securities and exchange commission and big banks on wall street? plus...european air travel remains ash from an icelandic volcano eruption grounds millions of travelers. and...female c-e-o's still a rarity....even in this day and age...reasons why..coming up on this edition of first business. good morning everyone, thanks for joining us. it's tuesday, april 20th, 2010. and lawmakers on capitol hill are calling on the sec to force goldman sachs to give back some of the taxpayer money that it received just from being an aig counterpart. let's take a look. now remember goldman got almost $13 billion in taxpayer money when aig used that money to pay its counterparties. among them goldman and many other banks. and any fraudulent gains should be called back according to some lawmakers. angie, this will still be in the news. and we'll find out if there were some fraudulent gains going on at goldman sachs. as the sec has also approved pressing forward with the investigation into goldman's activities. and the vo
-february correction to the downside. taking a quick look at goldman sachs here, and the key thing here is off of the lows. we were down as much as maybe 155 and trying to see what the low was, and it was 155 is the low and we ended not far from that and the other key point of the financials, some damage, and no doubt, you look at the american expresss and the bank of americas and there are weak spots in all of the financials. i want to point out deutsche bank which is another big player in the cdo space, and noticeable how much weak than the rest of the market, and goldman and citigroup down as well. and looking at the materials first. >> and some of the issues to stop you there, some of the traders i talked to theday said they question whether or not this is the tip of the iceberg, and that why you are seeing additional sell-off within some of the other big financial names. i mean, who knows at this point. >> we don't. but remember, there were not a lot of enormous players in this cdo space. there were several big names involved and we saw two of them that moved to the downside aggressively.
with wall street, the good and the bad, than goldman sachs. a 140-year-old fixture on the street, a lightning rod for criticism and conspiracy theorys about the financial crisis. and this certainly does not help. the securities and exchange commission filing civil fraud charges against goldman sachs and a 31-year-old executive alleging they misrepresented a bundle of toxic mortgages sold in 2007, early 2007. that they didn't tell investors that the mortgages were hand picked by a short seller. hedge fund manager john paulson who was not charged here. that lack of disclosure by goldman says the fcc's top enforcer is against the law. >> the rule is that you need to play it fair. need to provide the kind of proper and full disclosure that the securities laws require or face the consequences. >> reporter: goldman sachs says it will vigorously fight the charges. the firm points out, it lost money on this deal, $90 million it says. and contrary to the s.e.c.'s allegations, goldman sachs says extensive disclosure was provided. now this suit comes at a very interesting time, just as cong
angry taxpayers gather to protest goldman sachs...why they're demanding the investment bank pay up. plus...could criminal charges be in the works for goldman sachs...what one attorney thinks and...a career coach answers job seekers' most pressing questions...'s all ahead on today's first business. thursday april 29th 2010 good morning everyone thinks for joining us its thursday april 29, 2010 and the dow was above the 11,000 mark so people are trying to bounce back this week and it really does seem that the euros own fiscal troubles are miles away. from u.s. investors at least for now. angie. in the third time was not that charm for the democrats. senators tried again to try to get the financial reform bill off the senate floor for debate and beejal those people are saying that it needs some more work before the planned this one. will see the details as they come out in the coming days and no change from the federal reserve keeping short-term interest rates close to zero and hinting that rates will stay low for some time. protests aimed at big banks are breaking out around
. >> susie: wall street golden child, goldman sachs, gets hit with fraud charges by the government. >> it comes as the obama administration pushes to rein in wall street banks. we talk with a wall street insider if new rules would cut down on risky bank behavior. you're watching "nightly this is "nightly business report" with susie gharib and tom hudson. "nightly business report" is made possible by: this program is made possible by contributions to your pbs station from viewers like you. thank you. captioning sponsored by wpbt >> tom: good evening. goldman sachs under fire today. in washington, the securities and exchange commission slapped the elite investment firm with civil fraud charges, and on wall street investors dumped the stock. >> susie: tom, goldman had weathered the financial crisis better than most, until today. the s.e.c. alleges the firm defrauded customers by misstating key facts about an investment product related to sub-prime mortgages. >> tom: regulators also say goldman didn't disclose that a major hedge fund run by billionaire investor john paulson played a bi
to collapse now. only potential survivor, the fabulous fab referring to himself. goldman sachs says it will vigserously contest the complaint. no comment yet for attorneys for fabrice tourre and paulson & company refusing to comment. >> tom, welcome, tom, good to see you again. >> good to be seen. >> the timing is very interesting with financial regulation pending in washington, d.c. and the specifics of this, the several trades, the several transactions that are under scrutiny are interesting, as well. give us your read and how much further this goes. could criminal charges come? >> you never know what is out there. generally the sec generally, although mr. khuzami has changed this a bit. generally hasn't brought civil charges on its own without, without allowing the criminal to go forward first. that's a general and khuzami has changed that somewhat. timing is very interesting, as you point out, in regard to the ongoing debate financial reform coming out of senator dodd. i think that there are two sides here. this is not a surprise, it's not stunning by any means to goldman. the s
.e.c. charges against goldman sachs. scott? >> well, trish, goldman sachs was founded in 1869, a bastion of the financial world, and we can take a look at the headquarters in lower manhattan of a company now under fire, often a lightning rod and never more so than today. the securities and exchange commission filing civil fraud charges against goldman sachs as well as one of its vice presidents involving mortgage-backed securities. the s.e.c. says that goldman structured a portfolio of what turned out the to be toxic mortgages hand picked by a hedge fund manager run by john paulson. and the s.e.c. says that goldman did not disclose that paulson not only had picked the mortgages, but that he was betting against those mortgages in 2007 as the housing market was about to come undone. goldman sachs today says it will vigorously fight the charges and work to restore its reputation, a reputation that today is very much under fire. here is the s.e.c. chief of enforcement speaking today in new orleans. >> there is a fundamental difference between somebody being short on a synthetic cdings o or t
. plus... with the current heads of goldman sachs facing congressional scrutiny, we learn how the firm was founded from a member of the goldman family. fast food chain that's growing in the midst of a downturn...and how ethics are line. these stories and plenty more are coming up on this angela miles. beejal patel has the day off. democrats are going that have to scramble. a test vote on financial reform did not expectinthe republicans to be united against it. and that was the case. but what's surprising is that there were some bill as well, angie. in the meantime, we're watching the economy. and a recent usa today survey shows that the economic recovery is turning out to be a in 10 now believe that the economy is looking better than months ago. now for a check on how traders regan--of pro trading good morning to you, great have you on the show today. thanks for having me. well the markets have had a lot of strength. is i think what we saw is some bullish activity. with the financial sector being down. and goldman and citi being down, you would think the broader m
in washington, executives from wall street's most profitable firm, goldman sachs for defending their company's actions during the housing meltdown. they're on capitol hill facing questions from a senate subcommittee. lawmakers accuse the firm of helping to create the housing bubble and then making billions from the bust by secretly betting against their own mortgage deals, in effect, betting against you. >>> president obama meanwhile is focused on bringing jobs back to main street. jobs lost in large measure as a result of the near collapse of the financial system and credit markets seizing up. he is taking his message to cities in illinois and iowa hardest hit by the financial crisis. live pictures now from the senate subcommittee hearing. what happens here could affect the future of the entire financial industry and that includes your bank, and your retirement savings and your 401(k) and even your mortgage. i asked the cnn money team to explain why this hearing should matter to you. >> i'm stephanie e larm in new york. you may not think goldman sachs has anything to do with you, but what h
on steroids, the s.e.c. in a coma. do you think there will be some fireworks when mr. goldman sachs puts his keysster in the hot seat? how did you make out in the recession. >>> a parliament meet wrg a hockey game breaks out. should have sold tickets. it gets much more interesting. >>> we begin with the interesting goldman sachs. live pictures right now. it's wall street's most powerful firm and its most valuable commodity is trust. the question it faces this morning is critical. did it betray the trust of investment stores like you? at the core, the risky investments that led to fraud charges. investors say goldman sachs advised its clients to invest in the housing market and raked in billions of dollars when those investments tanked? goldman denies claims that it bet against its clients. the big question remains unanswered. was this practice of conflict a practice of conflict of interest? more importantly, how should goldman and other banks be regulated to protect investors in the future? we are going to keep a close eye on your money throughout the morning. later this hour, president obam
to talk about cap-and-trade, goldman sachs and immigration. al gore. faith. faith will save the planet! cass sunstein, hope will regulate. and charity, mr. jim wallace. he says don't follow the law. excuse me? forget social justice. what do you say we try equal justice for a change? does anybody in the country remember what that is? tonight, i'm going to show you the difference between the two. and we're breaking a story on cap-and-trade. and surprisisurprisingly, goldm sachs, that i challenge the rest of the media to even cover once! c'mon, let's go! ♪ ♪ >> glenn: oh, boy. we got a lot on our plate today, gang. i want to talk to you a rittal bit about -- a little bit about faith, hope and charity. we used to seek god's blessings in the country. we used to pursue maximum freedom to solve problems. we'd let the little guy do it. we would rely on others in times of needs. well, now, it seems we're being pushed toward what progressives have always found hope in. dependency and regulation. the administration will make everyone dependent and we can regulate social justice. the average a
a lot of questions there, senator. but we care very much about ethics at goldman sachs. and -- >> we're watching the hearing here on goldman sachs. the senate subcommittee on investigations questioning david viniar, the cfo. and mr. broderick, the chief risk officer. i want to pass on some information we're just getting the vote on financial regulatory reform failed for a second straight day. they needed 60 votes to continue the debate on the financial regulatory reform. the senate, we're just getting word that they have 57 votes to 41 no votes. so once again falling short of the 60 votes needed to continue the debate on financial regulatory reform. this an ongoing story. interesting that this is the second day in a row that they are failing to get the votes needed to continue this debate. let's listen to more of the hearings in washington. >> something would happen between their compensation being reduced and them no longer being at goldman sachs. so we pay a lot of attention to that, and we care very deeply about it. >> is there a board process that leads on that? what are the stan
low are the markets by the fact that we could see a criminal investigation the goldman sachs, and is greece the bigger issue or looking at the goldman sachs' situation really leading things? bob pisani, what do you know? >> well, spills and regulations and reputations are on the fall today. look at the financials out there, and the financial regulation and the potential criminal probe on goldman sachs, and we don't have a deal on greece. that is weighing on things. let me put this out, buckingham had a note out earlier talking about this. they said that the litigation of political risk is too difficult to handicap right now and impossible for us to adequately determine the outcome of the probes. that is what is going on to a lesser extent to british petroleum as well. they have all of the risk floating around and the market is holding up pretty darn well considering what is going in. >> well, financials are down across the board on the terms that we don't know what is out there in terms of investor lawsuits and what is next in this situation. from the investment standpoint in
, we talked about the timing of the notice and the wells notice was served to goldman sachs nine months ago and they say that they have been in dialogue with the s.e.c. in months before, that and many insiders say they were caught by surprise of the fraud charges which happened in the trading day. and now joining me on the "closing bell" is my co-host for the hour, simon hobbs, and bob pisani, and sharon epperson, and rick santelli and steve liesman. well, as europe the planes are remaining grounded because of the volcano in europe. and you have to believe, bob pisa pisani, this is a big development here in the first quarter and the second quarter. >> yes, the first quarter with thor fas were hi s -- the fa and this is going to be a revenue hit that the airlines with what is going on. amr and others are canceling flights and it is not just european airlines. but can we put up a chart of goldman sachs intraday? that is what everybody is talking about, because there were reports that the votes to sue goldman would mean that mary schapiro is voting with the majority, but the world is th
on cnbc of the senate sub committee on investigation. this hearing with the goldman sachs trader, daniel sparks. ex goldman sachs managing director. along with fabrice tourre. they're going through e-mails and specifics as far as how they came to the decision. we'll continue covering this and bring you all the analysis as it becomes available and after the hearings are over. more coverage right now of the goldman sachs hearing. >> you see where it says mortgages performance? you see that? that box? >> yes, up top. >> it says there what your performance was for the year to date, ytd. you see that? then structured products group. >> that's correct. >> were you the cohead of that group? >> yes. >> and that group made out of, as i understand it, $3.7 billion on the shore side, i guess, basically, right? >> yes. >> and the first three items, rez desidential prime, rez desi credit. they continued to lose money. that was the loan that had been previously dragging the company down. and if you look at what was lost on that side of it. credit and ceo. when you add the three together, those losses
on investigations. the senate sub committee on investigations. undergoing this hearing with goldman sachs executives. you are right now watching senator carl levin along with david vidiar, the ceo of goldman sachs. the market has been trading down in the middle of this as we watch the closing bell. about the to ring. the dow jones industrial average near the lows of the afternoon. down 200 points. greece's ratings were cut to junk status. portugal was downgraded as well. and setting the tone for a down day across the board. the closing bell sounding now. financials, i should tell you, are higher. goldman sax is trading up today in the midst of the hearing as we hear the gentlemen explain the trades dwurg the 2007 boom in housing as they were short. i believe partly short. subprime. and part of the housing market. we have watching this live coverage with the market trading down at the close at 10,990. back below 11,000 in the middle of the hearing going on in washington. goldman sachs executives. a dollar treasury is gaining today on greece's weakness and the portugal rating cut and, again, the big s
>> rose: welcome to the broadcast. there was the earnings report today by goldman sachs, and we have more on the s.e.c. complaint against the firm with michael lewis, david boies and andrew ross sorkin. >> the story we should all be talking about is this s.e.c. lawsuit. because it is really pointing to how goldman sachs is making its money. and it's not a pleasant story. and i think that if i had to guess what's going on inside goldman sachs today, it's less a celebration of their earnings than full crisis mode. because the world's ganging up on them. >> i think that there's a climate in washington that is... wants to show aggression in terms of regulation. i think that... that's not necessarily a bad thing. but i think you've got to be careful that when you bring an s.e.c. complaint as opposed to bring a bill to change procedures or to add new regulations that you've got something that is improper under existing law. and looking at the complaint, i don't see where that is right now. >> rose: goldman sachs comes out today with great results. and their stock price goes down. why
will talk to me about the fallout from goldman sachs, and whether he thinks that other firms could get hit by a s.e.c. lawsuit. you are watching cnbc, first in business worldwide. >>> welcome back. it is one thing to sue a major wall street firm like goldman sachs, and now the securities and exchange commission has to prove its case. senior correspondent scott cohen is here with the details on how tough that may be. >> just on the face it is tough. the s.e.c. is refusing to comment on the suit at all. two republicans who decided to vote against it would not give us a comment either. this is not going to be aneasy case for the s.e.c. here is the full offering for abkas 2007 ac-1. and among the 200 or so pages are page after page after page of disclosure and like the one on page three of the portfolio selection agent which let money manager john paulson hand pick the underlying mortgages in the deal creating a hidden conflict, and it begins like this, potential conflicts may arise from the overall investment activities of the 30r9 folio selection agent and its affilia affiliates. still, ther
] >> hold on, mr. president. bilking? bilking? who, sir, is the bilker? goldman sachs. the u.s. securities and exchange commission, the sec, shared by your appointees fingered the 140-year-old titan of wall street, goldman sachs. goalman was charged last friday with misleading investors by selling investments that would design -- that were designed to fail. goldman sachs pleads total innocence. investors who lost money were big boys who knew the potential risks and rewards. one final note, mr. obama's critics observed correctly that the president received about $1 million from goldman and its employees for his 2008 campaign. his defense? >> i got a lot of moppy from a lot of people and the majority was from small donors across the country and, moreover, anyone who gave me money during the course of my campaign knew that i was on record again in 2007-2008 pushing very strongly that we needed to reform how wall street did business and nobody should be surprised in the position i'm taking nothat clear about during the course of the campaign. >> question, is goldman sachs getting a bum rap? pa
conclude with another segment from evan thomas about his new book, "the war lovers." the goldman sachs day in washington and the spanish american war coming up. captioning sponsored by rose communications from our studios in new york city, this is charlie rose. >> rose: all eyes were on washington today as the united states senate held much-discussed hearings on goldman sachs, the wall street investment firm. the permanent subcommittee on investigations summoned several officials from the banks less than two weeks after the s.e.c. charged the firm with fraud. senators from both parties took turns criticizing the firm and wall street practices. >> it's not investment in a business that has a good idea. it's not assisting local governments in building infrastructure, it's gambling. pure and simple raw gambling. >> they're called synthetic because there's nothing there but the gamble, the bet. you are the bookie, you are the house. >> i think most people in las vegas would take offense at having wall street compared to las vegas because in las vegas actually people know that the odds are agai
and it is likely to last well into the weekend. goldman sachs is charged with defrauding investors. it denies everything, but its share price plunges. welcome to "bbc world news," broadcast to our viewers on pbs in america, also around the globe. my name is mike embley. coming up later for you -- as rescue teams approach the rubble, two days after the quake in china's remote northwest, the incredible tale of one little girl's survival. and the election campaign in the u.k. picks up with northern ireland finding out what westminster means there. hello to you. still there, still problem, and may be spreading. the club of volcanic ash from iceland drifting across europe will cause destruction well into the weekend. flights have been canceled, but there planes in scotland and ireland are reopening. much of europe remains grounded for some time yet, and the cloud is spreading south and east. we have this from our correspondent. >> the menacing column is still rising into the skies above iceland. the irruption it shows no sign of slowing down. -- the irruption shows no sign of slowing down. it is l
last night i thought the stock was overly punished. goldman sachs was an opportunity. but you know, today you had a 93% down day on the s&p. we haven't had that since january. you also had huge volume. so this was -- i know guy's got something to say about this. but for me this was a place to pick out the better stocks that got punished. but everything was getting sold, and everything was getting sold in big volume. and that was an exclamation point on an event that gave people an opportunity. >> and timmy's been right to do that as everybody else. the dips have been buying opportunities. as much as today was about goldman sachs, to me it really was not about goldman sachs, frankly, as crazy as that might sound. i've been waiting for the exogenous event to take place that might put a top on this market. you never know what it is but when you see it you can sort of identify it. today might be that event. joe talked about financial reform. remember last time in january it was about a week after jpmorgan reported earnings. coincidence or not, here we are a few days after jpmorgan. all
goldman sachs, it's always the reputational issue that's much more costly than the actual fine. >> yeah. plus, now they've got that issue with their big suv, withdrawing it from sales because of safety concerns. hasn't been a good year for toyota. >> no, it has not. well, the s.e.c. reportedly investigating other mortgage deals by wall street's biggest firms after accusing goldman sachs of fraud. now we are going to be joined by senator kay bailey hutchison, republican member of the senate banking committee. she was obviously with us last week, and well, a lot of things have happened since then. senator hutchison, good to have you with us. we appreciate it. >> thank you, erin. good to be with you and mark. >> what's your perspective here on the goldman sachs situation? i know you probably had a chance to look at the s.e.c. filing as well. do you think there's something there or do you think this is politics? what's your view? >> oh, i wouldn't want to venture an opinion on it because i think it's a little too early, but certainly, we've got to make sure that what we do is the right amou
at goldman sachs getting grilled by a senate committee, about their pro tensionally fraudulent mortgage deals, in what's turned into a marathon hearing. one by one, starting with the fabulous fab himself, goldman executives all day. maintaining they did nothing wrong. >> i deny category gically the s.e.c.'s allegations and i will defend myself in court against this false claim. goldman sachs had no economic motive to design the ac-1 transaction to fail. >> they were honestly trying to do their job and rate the deals. >> we left money on the table. >> and goldman trying to paint itself as a company that had the best interests of both its clients and the entire country in mind. watch -- >> the culture at goldman sachs was one in which excellence and integrity are expected. >> i take great pride for having worked for goldman sachs for almost 15 years and greatly admire the firm's integrity, commitment to client service and ethics. >> but the reality is this -- 60%, almost two-thirds of goldman's business is in proprietiry trading making bets not on behalf of clients, not creating ipo's, not rais
this to themselves, i'm sure they can find the complaint on the net, sec versus goldman sachs and, really, the first three paragraphs will take you 30 seconds to read and really sets that up. now what you're adding here, scott, is that apparently this was done with the knowledge that the window to get this done was narrowing because the market was crashing. am i right enthat? >> that's the allegation. these e-mails are quoted, again, from early 2007 that they knew this was coming. >> that's over and above the fraud. that's a whole other aspect. >> if you can remember, mark, february of 2007 is when we saw the first signs of the decline in the subprime market when remittance started to come in and we were starting to see significant default. i would add, by the way, i know we're in timelines, but this may very well not be the last charges coming from the sec. >> that's a pretty fair assumption, david. >> wide-ranging investigation going on that i talked to a few people who have been told they should probably hire lawyers. what does that mean and where does that end up? one would assume they are doing
their objectives, not just advise them on their objectives. so goldman sachs 12 or 13 years ago actually had to reverse many years of being a private partnership and become a public partnership, public company so we could be -- so we could frankly survive. in the evolving world of needing to be a principal to accomplish our clients' objectives. >> but also, it was very profitable. i mean, goldman sachs has been clearly one of the most profitable institutions on the face of this earth. so also it wasn't just kind of the move of society, it was also a way you when you sat down and you had your meetings and everything else, you said, look, this is the way to go. and i'm not saying that from a negative -- >> no, i know, senator. and i know you're not saying it negative. but just for the history of it -- >> sure. >> it was a very famously -- it was a very observed decision by the world of what goldman sachs was doing, done very reluctantly. >> right. >> not so much to -- and the real rationale for it was not because to make incremental profits. it was done in order for us to survive as a leading
." >> when the wall street but to washington. the boss of goldman sachs is grilled over allegations the bank profited from the housing market collapse. from bad to junk -- what is next for the economy of greece as the debt crisis intensifies? while britain's political parties are not coming clean about dealing with the deficit. welcome to "bbc world news," broadcast to our viewers on pbs in america, also around the globe. i am peter dobbie. coming up later for your -- fistfights he oread ukraine lawmakers come to blows. and forgotten in pakistan. we report from one of the nation's biggest camps for the displaced. the news today is dominated by three big financial stories, all with potentially huge consequences. first, the embattled investment bank goldman sachs repeatedly put its own interests ahead of its clients' interests. that was the start of a stinging attack delivered by u.s. senators as they began grilling several of the bank's executives. goldman sachs is accused of profiting from the recent housing disaster. the bank denies the allegations. from washington, adam brooks now reports.
into the abyss and we've seen the potential worst case scenario for goldman sachs, which would be some sort of criminal case against the firm and so therefore it might be the time to start stepping into this name? >> i think if this were to drive them into a settlement that may be the time to buy goldman sachs. even if you see a big headline number, a big multibillion-dollar settlement, i wouldn't be shocked that if you did see that you also saw a change at the top. that wouldn't be surprising. i think that would be considered a very positive event for goldman sachs, that maybe they could end this chapter and move on. the question i think we still don't know yet is does this give the obama administration so much juice to get financial reform done that could particularly hurt goldman sachs's prop desk? >> or the entire industry. >> but who's better at it than goldman? who makes more of their money at it than goldman? nobody. >> although prop trading is becoming less and less of a driver for their industry, frankly. for their firm, i should say. so as much as you like to talk about goldman be
today," gunning for goldman. senators tear into goldman sachs executives whose answers hurt more than help. >>> in-flight bomb scare, a plane is diverted to maine after a passenger claims to have explosives. >>> and bull doezing blunder. a mix-up in texas has a demolition crew tearing down the wrong house. captions paid for by nbc-universal television >>> hello and good morning. i'm kristen welker. lawmakers absolutely savaged goldman sachs yesterday during opening rounds of a senate investigation in the bank's role in economic collapse. the senate committee spent hours tirelessly questioning current and former goldman sachs employees, accused them of knowingly and willy cheating clients, contributing largely to the global meltdown. the goldman sachs execs say they're innocent. nbc's steve handelsman reports. >> reporter: goldman sachs' ceo lloyd blankfein denies wrongdoing, but the government says gold man did and is suing the bank for selling mortgage securities while secretly betting the housing market would crash, betting right, making billions. senators are outraged. >> you'
on goldman sachs. deguzman giant is facing accusations that it bet against the american people and turned a profit on the country's economic collapse. -- the investment giant. it's going to capitol hill today and expected to deny investor fraud. >> when the hearing gets underway later today we will expect to hear from the goldman sachs ceo lloyd blankfein. he will start by thanking taxpayers for the bank bailout, noting that goldman has paid back with interest. he could face tough questions from lawmakers. goldman sachs executives could face a grilling on the hill today. >> bemis led the country, i believe, and they were not fair to their customers. >> during the hearing this morning, e-mails dating back to the 2007 may be a topic of discussion. those e-mails showed the bank allegedly positioned itself to make a fortune off the mortgage crisis. the bank says the e-mails were cherry pick by senators. >> this is one of the first times you can peel off the veneer and see what goes on beneath goldman sachs and they're going to have to address some of that and that's relatively rare. >> the ba
this evening, just days after being charged with fraud by the s.e.c. goldman sachs reported huge first quarter profits. on the other hand, their stock dropped another 2%. michelle cabrera has the details. >>> and later on, should synthetic cdos be banned? we'll talk to david goldman and peter morici. there is a debate. you're watching cnbc, first in business worldwide. >>> all right. fresh off s.e.c. fraud charges, goldman sachs reported huge first quarter earnings today. cnbc's michelle cabrera joins us. hello. >> three and a half billion dollars they made in profits, much better than a year ago. nearly double what they made a year ago. look at the numbers. turned out to be 5.59 per share, much better than expected. there's the chart. what the stock did today. we'll explain why it was down toward the end here. once again, the first thing we wanted to show you were the actual earnings which were much better than expected. revenue came in better than expected. nearly $13 billion in revenue. there you see the actual income. 98% better. there we see revenue. $12.8 billion. a year ago they made on
. my name is fabrice tourre and i work at goldman sachs in london. thank you for letting me appear before the subcommittee. i worked at goldman sachs since 2001. between 2004 and 2007 my job was primarily to make markets for clients. i made markets by collecting clients who wished to take long exposure to an asset meaning the value of the asset would rise with clients who wish to take short exposure to that asset meaning the value of the asset would fall. i was between highly sophisticated investors all of which were institutions. none of my clients were individual retail investors. the structured products on which i worked feel an important need for these sophisticated financial institutions. to the average person, the utility of these products may not be obvious. but they permit sophisticated institutions to customize the exposure they wish to take in order to better manage the credit and market risks of their investment holdings. mr. chairman, as you know the securities and exchange commission recently filed a civil suit alleging that i failed to disclose to investors certain ma
on in the show. it's only been 72 hours since the s.e.c. accused goldman sachs of fraud, yet some say this venerable firm is already seeing an impact to its business. cnbc's david faber is standing by at headquarters. he's done some reporting on this. you know, david, when the news crossed on friday, everybody said when it comes to m&a, when it comes to prime broker, there are some lines of business where people simply won't walk away from goldman sachs. what are you hearing? >> for the most part i'm hearing that's correct, melissa. i'm not hearing of any great defections in terms of business lines from goldman. will there be some impact? there may be in fact some. but of course as we saw from the beginnings today the company has a very strong franchise in a lot of different areas, certainly trading in principal nichlths chief amongst them. and i'm not hearing anything that would indicate that that is going anywhere at this point. goldman working very hard, of course, to keep all of its clients in line. you have to remember, these are civil charges. not that they aren't significant. n
. -- captions by vitac -- >> hi, everybody. goldman sachs came roaring back with the kind of profits that even most wall street insiders did not see coming. the first now up to its eyeballs in an s.e.c. fraud investigation, announced today that it doubled its first quarter profits. goldman earned a whopping $3.3 billion in just three months, which has a lot of people asking tonight with all this talk about financial reform, are we right back to business as usual? and that leads us to a theme running through much of tonight's show, blurred lines. the line between with a washington and wall street is so blurred that in many cases it's basically a revolving door. the most recent example, president obama's former white house council greg craig now advising goldman. the firm, its employees, the second biggest donor also to president obama's campaign. we're going to talk than tonight. >>> also, the supreme court considering a case of blurred lines between work and your private life. who owns the personal texts that you send on a company phone, you or your boss? do you have as mu
. we're watching this. take a look on the other side of the screen. gunning for goldman sachs, a senate showdown. titans from wall street facing questions from members of the senate committee. as part of its probe into the financial meltdown the committee looking into allegations goldman used a strategy to reap billions from the meltdown at the expense of its clients. all of this after democrats regroup after losing the first vote on sweeping financial reform. another vote expected this afternoon. we've got the best reporters and insiders to guide you through what's expected to be a heated and contentious hearing pitting washington against wall street. let's start with kelly o'donnell live on capitol hill for the preview. kelly, tell us. >> reporter: heated and contentious. you're probably safe with that. what we hear from the members doing the question, they have pored over documents, reading into what the documents show about the practices of goldman sachs over the last several years. they will be armed and ready for questions. there will be seven current and former executives howho w
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